Binary
Refers to a number system with just two unique digits: 0 and 1. For every day purposes, we use the decimal system, which has 10 unique digits, 0-9. Computers use the binary system of 1s and 0s. We use the decimal system in everday life because it is natural to us: we have 10 fingers and 10 toes. A computer uses binary numbers because  of its electrical nature: charged and uncharged.
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Bit
A computer stores numbers using bits. A bit can be only one of two things: a 1 or a 0.

Buffer
A buffer is an area in a computer's memory used to store data temporarily. If it is a single piece of data, such as a number or a single character, then the storage area is usually not referred to as a buffer. Although the real definition of a buffer refers to temporary storage, the term is often used more loosely.

Byte
A byte is an 8 bit number, such as 10011110. A byte can store a number from 0 through 255, or 00000000 through 11111111 in binary.